North America Healthcare IT Market size exceeded USD 97 billion in 2021 and is expected to witness 12.5% CAGR from 2022 to 2028.
Recent technological trends in healthcare are marked by advances such as AI and cloud technology to deal with crises and improve virtual care. Healthcare IT employs knowledge and skills in the form of tools and technology, as well as new breakthroughs, to solve medical challenges. The most recent example of a healthcare challenge was the global COVID-19 pandemic.
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By using advanced technologies such as data analytics, AI, and ML, medical practitioners were able to increase health center productivity, manage personnel and operational expenses, and provide access to treatment. In the future years, the medical industry is likely to use AI to address challenges such as high costs, long wait times, and limited access to insurance and healthcare providers.
North America Market, By Solution
The electronic health record segment will surpass USD 50 billion revenue by 2028. EHRs help healthcare providers offer better services by using accurate, up-to-date, and complete information about patients at the point of care. By securely sharing information with patients and other clinicians, they improve patient and provider interaction as well as convenience for both parties. EMR technology also helps in better disease management by offering caregivers electronic graphs of values such as patients’ cholesterol levels, weight, blood pressure, and other parameters to track their changes over time.
North America Market, By End-use
The healthcare payers segment will grow at 13% CAGR through 2028. Rather than spending a hefty amount on hospitalization expenses during the pandemic, people have found it safer to get a health insurance plan. It cushions family finances from the sudden medical expenses one incurs in case of severe health concerns. Anticipating a growing threat of infectious diseases, healthcare payers are considering the adoption of technologies that offer greater business value.
North America Market, By Country
U.S. healthcare IT market will observe significant growth during the forecast period, owing to the presence of advanced healthcare IT infrastructure. The integration of cloud platforms in healthcare has helped compile crucial patient data, such as their medical history, real-time health, insurance coverage, and financial information. It enhances decision-making, improves patient health, and saves costs in the healthcare sector. Numerous innovations in this vertical are established through The American Medical Informatics Association (AMIA), The Healthcare Information and Management Systems Society (HIMSS), along with several technical and IT standardization bodies.
Competitive Industry Landscape
Some of the leading companies operating in the market include Athenahealth, Allscripts Healthcare Solution, Inc., Carestream Health, GE Healthcare, Cerner Corporation, McKesson Corporation, Siemens Healthineers, Koninklijke Philips N.V, and SAP. To grab a large market share, these companies are adopting a host of marketing strategies, including mergers and acquisitions, new product development, partnerships, collaborations, and geographical expansion.